Stellar Development Foundation Introduces $30 Million Fund to Support Startups

With a focus to empower startups leveraging blockchain technology, the Stellar Development Foundation (SDF) announced a $30 million matching fund today that will invest in emerging firms interested in building on the Stellar Blockchain.

The fund will assist early-stage platforms in the development of blockchain-based solutions. According to the SDF, the $30 million fund is important for the markets where the venture ecosystem is underdeveloped.

Additionally, the fund has announced a total of four investments today to assist companies working in the payroll and remittance markets globally. Moreover, the investments supported NFT and cross-border solutions.

Andrea Lo, SDF’s Head of Investments, said: “The Matching Fund is a way for SDF to promote early-stage experimentation for real-world use cases that provide value to more consumers. In 2022, we’re putting our funding behind more innovators in geographies that need blockchain-powered solutions. The Stellar ecosystem is working to address challenges like inflation, affordable remittances and the high cost of capital, and we’re investing in solutions to these problems through the Matching Fund.”

Venture Capital Firms and Crypto Market

Although venture capital companies around the world have increased their crypto exposure in the past 12 months, some of the leading players in the global blockchain ecosystem have also launched their venture capital arms to facilitate the growing market and emerging platforms. Last week, Singapore-based financial technology company, Cake Defi announced a $100 million venture capital arm to support startups working in the Web3, Metaverse, Blockchain and Fintech ecosystems.

Denelle Dixon, SDF’s CEO and Executive Director, commented: “We need to be more nimble and inclusive in order to truly build an industry that reaches more people with better access to financial services. The way we choose to fund and support companies in their early days is a big part of that, and at SDF, we are very intentionally building out and incentivizing investments in real use cases of blockchain that help everyday people. We invite companies to apply and see how Stellar’s dynamic global ecosystem can support your growth.”